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Insurance: NAIC 2024 Spring meeting

Issues and Trends | May 2024

We report on actions and discussions on conference calls, and at the NAIC 2024 Spring meeting.

spring flowers


  • All insurance companies

Key Impacts

The National Association of Insurance Commissioners (NAIC) adopted the following guidance:

  • SSAP No. 21R, to add the earned yield with a cap method to measure residual tranches or interests (residuals), with a practical expedient that allows the use of the cost recovery method.
  • SSAP No. 93 to update guidance for tax credit investments, to SSAP No. 94 to clarify the scope, and to SSAP Nos. 34 and 48 to make them consistent with SSAP Nos. 93 and 94.

The NAIC exposed revisions to the following guidance:

  • SSAP No. 26R to clarify that debt securities issued by funds that represent operating entities are issuer credit obligations.
  • SSAP No. 56 to expand and provide consistent accounting guidance for reporting book value assets in separate accounts.
  • SSAP No. 61R to add guidance from SSAP No. 62R, Exhibit A Q&A requiring risk transfer to be evaluated in the aggregate for contracts with interrelated features and add a reference to Appendix A-791.
  • SSAP Nos. 63 and 25 to address transfers of assets when modifying intercompany pooling arrangements and reexpose its intent to nullify INT 03-02 as it is inconsistent with SSAP No. 25 for economic and non-economic related party transactions.
  • Request for comment about elements related to asset adequacy analysis for insurance ceded by life insurers.
  • Revised framework for regulation of insurer investments and related recommended work plan.

The NAIC discussed the following guidance:

  • Amendment to the Purposes and Procedures Manual (PPM) of the NAIC Investment Analysis Office authorizing the procedures for the Securities Valuation Office (SVO’s) discretion over NAIC designations assigned through the Filing Exempt (FE) process. 

Report contents

  • Meeting highlights
  • Accounting highlights
  • Actuarial highlights
  • Risk-based capital
  • Valuation of Securities Task Force
  • Other developments

    Download the document

    NAIC Spring 2024 Meeting

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